President Donald Trump said Sunday that federal agencies must prioritize American-made products in government purchasing, touting efforts to tighten enforcement of “Buy American” policies and limit exceptions that allow foreign goods.

“ALL FEDERAL AGENCIES MUST BUY AMERICAN — NO EXCUSES!” Trump exclaimed on Truth Social. “For decades, Washington politicians sent your Taxpayer Dollars overseas, and let Foreign Countries rip us off while our Workers, Factories, and Supply Chains were left behind. That betrayal is OVER.

“My Administration is strengthening MADE IN AMERICA Laws, ENDING Waiver Loopholes, and STOPPING the Federal Government from buying Foreign Products when Great American Products are available — And to the D.C. Bureaucrats: NO MORE handing out Waivers like candy!” he continued. “No more rubber-stamping exceptions for Foreign Products while American Workers get shafted.

“We are putting American Workers, American Factories, and American Supply Chains FIRST — Bigger, better, and stronger than ever before! I already signed EO 14392 to crack down on fake “MADE IN AMERICA” claims, and we are enforcing it HARD,” he added. “No more games. No more fake labels. No more ripping off the American Taxpayer. AMERICA FIRST means BUY AMERICAN!”

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The comments come as the Trump administration moves to tighten domestic sourcing requirements across federal procurement, part of a broader push to boost U.S. manufacturing and reduce reliance on foreign supply chains.

In March, Trump signed an executive order aimed at combating fraudulent “Made in America” labels by foreign manufacturers and sellers, Reuters reported.

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The order directs the Federal Trade Commission to prioritize enforcement against companies that falsely label products as U.S.-made or make misleading origin claims in violation of existing law.

It also calls on federal agencies responsible for country-of-origin labeling to work with the FTC to consider new regulations and ensure consistent guidance across the government.

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As part of the administration’s broader focus on domestic manufacturing, the order requires agencies overseeing federal procurement contracts to periodically verify that products marketed as American-made meet those standards and directs suspected violations to be referred to the U.S. Department of Justice for potential enforcement action.

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Trump’s post emphasized closing those loopholes, particularly targeting what he described as overuse of waivers by federal agencies.

Reuters contributed to this report.

SINGAPORE: Oil prices jumped $3 a barrel on Monday as the United States and Iran failed to agree to a peace proposal drafted by Washington while the Strait of Hormuz remained largely closed, keeping global energy supplies tight.

Brent crude futures climbed $3.18 or 3.14% to $104.47 ‌a barrel by ⁠2336 ⁠GMT, extending a 1.23% gain on Friday.

U.S. West Texas Intermediate was at $98.51 a barrel, up $3.09, or 3.24%, after settling 0.64% higher in the previous session.

Hopes for an imminent end to the 10-week-old U.S.-Iran conflict that would allow oil transit through the Strait of Hormuz were dashed after President Donald Trump on Sunday ⁠dismissed the ‌Iranian response to a U.S. proposal for peace talks as “unacceptable”.

Trump is scheduled to arrive in Beijing on ⁠Wednesday and is expected to discuss Iran among other topics with Chinese President Xi Jinping, according to U.S. officials.

“Market attention now shifts squarely to President Trump’s visit to China this week,” IG market analyst Tony Sycamore said in a note.
“There is hope he can persuade Beijing to leverage its influence over Iran to push for a ‌comprehensive ceasefire and a resolution to the ongoing disruption in the Strait of Hormuz.” The world has lost about 1 billion barrels of ⁠oil over the past two months and energy markets will take time to stabilise even if flows resume, Saudi Aramco CEO Amin Nasser said on Sunday.

Another two tankers laden with crude exited the Strait of Hormuz last week with trackers switched off to avoid Iranian attacks, Kpler shipping data showed, underscoring a rising trend to sustain Middle East oil exports.

Mumbai: When the equity market of the fastest growing economy is inflicting losses on investors in contrast to those growing at half the rate but returning 50% in less than six months, there appears to be a paradox. But there could be reasons behind it, however outlandish they may sound.

It is perplexing for some as to why Indian equities are down 7.5% this year while South Korea, whose economy is projected by the International Monetary Fund (IMF) to grow at half of India’s – at 3.3% – has rallied 74% drawing global investors. The answer lies in corporate earnings and not economic growth.

Every few years, a fever grips the investing community and that drives a set of stocks to dizzying heights even while others in the same market languish. The current theme is that of Artificial Intelligence (AI) . While most of the companies like OpenAI and Anthropic that are driving the transformation are still in private markets, the desire to grab a share of that pie is driving the average investor to listed companies securing revenues from those pioneering AI.

Silicon chips are the foundation on which the AI revolution stands. Any company producing them is a winner. Nvidia Inc., a chip maker, is valued beyond $5 trillion, which is more than the GDP of India. This craze to own the future is spilling over to South Korea and Taiwan where a few companies such as Samsung Electronics are involved in producing the chips for AI.

The rush to own chip makers has pushed South Korea’s market value to $4 trillion, double that of its GDP. In contrast, India’s market capitalization is at around $4.9 trillion while the GDP is around $4.15 trillion.

What is making the difference? Samsung Electronics and SK Hynix, the chip makers!
The revenue and profit potential of companies developing Large Language Model AIs may still be on paper, but the earnings for those supplying chips are real.The unprecedented demand for chips is forcing analysts to forecast earnings growth of 220% for Korea and 58% for Taiwan. By contrast, India that doesn’t have a direct AI play is at 18%.

Some analysts project Samsung to earn a profit of $250 billion this year and SK Hynix $150 billion. Taiwan’s TSMC is projected at $100 billion. The entire Indian listed corporate system may earn around $200 billion. When Korean and Taiwan companies are growing, Indian companies are staring at a cut in their earnings estimates.

Even if the earnings are skewed with just a handful of companies, investors chase value where those assets are still cheap compared to Indian companies. While Korea is trading at around 9.5 times, Taiwan is at 19 times forward year earnings. In contrast, India is still at 19.5 times which makes the local market unattractive even to other peers – reflected in MSCI EM at 12.5 times.

“Global markets are pricing in 20-40% EPS growth, 12-18 times price-to-earnings, versus India’s 18% EPS growth,” says a strategist at Motilal Oswal Securities. “A sustainable earnings growth delivery is critical for reversing the underperformance.”

Apart from the relatively poor corporate earnings growth and steep valuations, India’s long-term dependence on capital flows for meeting its imports is translating into a weaker financial market.

The US-Iran war has not only pushed up energy prices by more than 40% steeply raising import bills, it is also threatening to disrupt supplies in the medium term if the war doesn’t end soon.

Indian rupee is trading at historic lows as foreign investors pull out record funds as they chase assets that are attractive in terms of valuations as well as earnings growth.

“The most exposed macro variable to the current shock is the balance of payment, followed by fiscal position,” says Aastha Gudwani, economist at Barclays. “Administered prices mute immediate inflation pass-through, but at the cost of growing fiscal strain if supply risks persist. Balance of Payments is likely to reel under the stress of shrinking capital inflows.”

This is a further blow to overseas investors who read their returns in US dollar terms. Looking through that prism, the Nifty is down about 8% since its January peak in Rupee terms, and 12% in USD.

To be sure, warnings have been sounded on Wall Street’s highly skewed AI investments.

The key to reversing India’s underperformance lies in boosting corporate earnings and easing macro pressures. Or, in the bursting of the AI bubble.

UOB reported SGD 1.4 billion Q1 2026 net profit, with NIM compression driving a shift toward fee-led growth. Following Citibank integration, the bank targets 8.5 million ASEAN customers for wealth, trade, and digital income diversification, aiming to double wealth revenue by 2030.

Key Points

• UOB reported SGD 1.4 billion in Q1 2026 net profit, with net interest margin compressing to 1.82%, prompting a strategic shift toward fee-driven income from wealth management, cards, trade, and treasury services.

• Following completion of its Citibank integration, UOB is focused on monetizing its 8.5 million ASEAN customers, targeting doubled wealth income by 2030 through improved investment penetration, digital distribution, and relationship banking.

• Balance sheet discipline remains intact with a 1.5% non-performing loan ratio and CET1 at 15.3%, while AI tools and regional connectivity initiatives support productivity and cross-border growth across ASEAN markets.

UOB’s Q1 2026 Results: Navigating Margin Pressure Through Fee-Led Growth

UOB reported SGD 1.4 billion ($1 billion) in net profit for Q1 2026, up 2% quarter-on-quarter but down 4% year-on-year. Declining benchmark rates compressed net interest margin (NIM) to 1.82%, pushing net interest income down 4% year-on-year to SGD 2.3 billion. In response, the bank is accelerating its shift toward fee-driven income streams. Net fee income rose 2% to SGD 637 million, supported by wealth management and loan-related fees, while trading and treasury income rebounded. With the Citibank regional consumer portfolio integration largely complete, UOB is now focused on monetising its enlarged 8.5 million ASEAN customer base through diversified, recurring revenue channels.

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Wealth, CASA, and Digital Channels Drive the Fee Strategy

Assets under management grew 5% year-on-year to SGD 198 billion, with the invested AUM ratio improving to 42%, wealth income expanding 6%, and card billings rising 7%. CEO Wee Ee Cheong set an ambitious target of doubling wealth income by 2030, prioritising deeper investment penetration over new client acquisition. The CASA deposit ratio of 58%–60% provides both a funding buffer and a cross-selling foundation. Digitally, approximately 30,000 staff now use Microsoft Copilot, and UOB’s TMRW mobile app is being scaled to serve more customers efficiently. Wee described AI as “augmented intelligence,” reinforcing productivity and relationship-led service delivery across ASEAN markets.

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Trade Growth and Balance Sheet Discipline Underpin the Strategy

Trade loans grew 19% year-on-year, while wholesale customer treasury income rose 11%, reflecting strong demand for hedging and cash management solutions amid market volatility. UOB’s involvement in the Johor-Singapore Special Economic Zone, facilitating over SGD 5.8 billion in foreign direct investment, demonstrates the commercial value of regional connectivity. Balance sheet discipline remains central, with the non-performing loan ratio stable at 1.5%, Common Equity Tier 1 at 15.3%, and full-year NIM guided at 1.75%–1.80%. While Greater China real estate remains a watchpoint, UOB’s strong capital position provides resilience. The key test ahead is translating platform and customer scale into durable, fee-driven earnings growth.

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